CHAPTER-III CONCEPTUAL BACKGROUND OF THE STYDY 3.1 Introduction The word “Entrepreneur” is derived from the French language that refers to a person who undertakes and operates a new business enterprise, and assumes some liability for the inherent risks. Being an entrepreneur is about taking risks and face up to many challenges. An entrepreneur can build new companies. They can also entrepreneurs take many challenges in the field, the entrepreneurs to meet certain and uncertain problems. Usually anyone who runs the business is called up youth entrepreneurs. The more accurate meaning of youth entrepreneur is one who creates his own business i.e., a person who initiates, organizes, operates and assumes the risk of a business venture. An entrepreneur …show more content…
The word entrepreneurship calls up visualizations of active, decided men and youth accomplishing significant achievements. The youth entrepreneurs are important representatives of change in every society. Yet they present the most unknown able characters in the play of economic development, particularly in the poor developed world. While it is an entrepreneur’s purposive activity that connection gap between plan and reality, the specific way that this agent of change acts is often unpredictable or immeasurable. Understanding of entrepreneurship in the less developed countries is very important in the background of their growth and development. Entrepreneurship is not uniformly distributed quality throughout these given societies. The psychological attributes are achievement oriented and are prepared to take risks. Youth entrepreneurship is scattered over a wide range of business functions to bring out the effects within the structure of business …show more content…
Beyond stressing the youth entrepreneurs importance to the business, they are little entrepreneurial analysis. An youth entrepreneur is the economic agent who unites all means of production, the labour force of the one and the capital or land of the others and who finds in the value of the products his results from their employment, the reconstitution of the entire capital that he utilizes and the value of the wages, the interest and the rent which he pays as well as profit belonging to himself. It emphasized the functions of co-ordination, organization and supervision. And then the youth entrepreneur is an organizer and speculator of a business enterprise. The youth entrepreneur lifts economic resources out of an area of lower into an area of high productivity and greater yield. Youth entrepreneurship is needed by an entrepreneurship during the situation of maturity and change. Whatever is the definition, across the world youth entrepreneurs have been considered instrumental in initiating and sustaining socio-economic development. There are evidences to believe that countries which have proportionately higher, percentage of youth entrepreneurs in their population have developed much faster as compared to countries which have lesser percentage of them in the society, discover new sources of supply of materials and markets and they establish
According to Merriam Webster dictionary an entrepreneur is a person who organizes and operates a business or businesses; taking on greater than normal financial risks in order to do so. An innovator is a person who introduces new methods, ideas or products. When people talk about successful entrepreneur’s names that may come to mind are Bill Gates, Donald Trump, Walt Disney, John D. Rockefeller, Andrew Carnegie, Oprah Winfrey, Mark Zuckerberg and others. All entrepreneurs had to overcome obstacles to achieve success but one entrepreneur or innovator who is overlooked is Jay-Z because of his untraditional road to success.
Level One Questions: What is gross national product (GNP)? Pg 410 Gross national product is the total value of goods and services produced by a country during a year. What does laissez-faire mean?
An entrepreneur is someone who is willing to take a financial or professional risk in order to develop a new and needed business or product. This person creatively dives into a new venture, even if they are unsure of the outcome.
In some case you can also take some bank loan or credit from someone. Entrepreneur- it is a mind mentally ideas wherein the person have plenty of ideas due to some solution at the given problem. Needs and Wants 1. Self- actualization 2.
Originally, the word ‘entrepreneur’ comes from the old French word ‘entreprendre’, meaning ‘to begin something, to undertake’. Though the terms ‘entrepreneur’ and ‘entrepreneurship’ sound alike and are sometimes used interchangeably, they actually mean different things. An entrepreneur can simply be described as a person that starts, operates and assumes risk of running an enterprise. Entrepreneurship, however, is the whole creation process of the enterprise, including originality, capabilities, skills and possible difficulties. An entrepreneur always precedes entrepreneurship.
As time goes by, babies grow up to become adults. Adults grow up to become elderly. Along the way, some adults become parents, and becoming a parent includes becoming responsible and making decisions. Decisions are made on how the parent feels about the topic. A topic can be as simple as letting a child play a sport.
Business Cycle: The change in economic activity that an economy experiences over time. Basically, it is defined in terms of periods of expansion and recession. Entrepreneur: An individual who challenges one's self to accept any uncertainties and opportunities involved in organizing and operating a new business venture.
In today’s world entrepreneurs are a very important resource for the success of an economy, contributing with new innovative ideas. An entrepreneur are dynamic individuals willing to take risks to produce something new and unique, but under all this confidence and success lays a very high cost which we as an audience fail to see. The whole process that an entrepreneur needs to go through to start a company and execute his idea is very complicated and fragile, starting a company is not as tranquil as it seems. On the contrary the whole procedure can be very ruthless making the founders of the company pay a high value.
Introduction- Generational Theory is a theory of social history that describes and explains changes in public attitudes over time. Generation is defined as people that are grouped within a certain range of ages, location they live, and significant life events they experienced at critical developmental stages. Generational shift is playing a major role in shaping the future of the workplace. Skilled and talented young employees have more employment choices and consequently gaining a deep understanding of their values, attitudes, and behaviors.
With the introduction of new ideas, products, services or even methods of production using new technologies, the economy is able to benefit and perhaps grow. Entrepreneurship is able to contribute towards job creation, within the short or long run. With new ideas and opportunities, comes the need for human resources and thus new jobs are created. The need for labour therefore decreases the rate of unemployment within that specific country, thus having a positive effect on the economy. However, according to Carree, M.A. and Thurik, A.R. (2002) the relationship between unemployment and entrepreneurship is unclear.
Youth also face higher barriers to entry into the labor market due to their lack of experience. Un ability to get credit and lack of access to business networks make it more difficult
Introduction Unemployment is knows to bring many negative impact on subjective well-beings. High rates of unemployment not only caused negative effect on national economy but also greatly affect living standard of people, especially youths. Due to youth 's inexperience and lack of knowledge, many employers refuse to hire them as hiring youths only brings no benefits to employers. This is so as employers have to spend time, energy or even money to train youths before they can cope with their own job.
Competences: In more established papers point out that understanding youth development and creating relationships with the families and the community highest competences that a worker with you can have. (Vance, 2010)The same research also suggest that the age group of youth to be a more determinative factor in some cases than the competences of the worker. (ibid.) Combining the data the research that was previously mentioned provided there are 10 general competences needed/demanded from a worker that aims it work at the youth.
Iwasaki, Y. (2015). Youth Engagement—Engaging for Change: Changing for Engagement. Journal of Community Engagement & Scholarship, 8(2), 26-43. The Participatory Action Research (PAR) was developed to collaborate with leaders and communities to bring forth positive changes from engagement with youths.
Entrepreneurship in the Philippines is currently booming and one of the best things a person can do today is start taking action in putting up its own business or acquiring a franchise (Louren, 2017). Entrepreneurship is a state of mind. It is not identified or measured with the type of business a person is in the success of that business but rather it is the total way of life for entrepreneurs. Being an entrepreneur requires distinct personality traits such as having a risk-taking personality, need for achievement, internal focus of control, tolerance for ambiguity and having a type A behavior or striving to achieve more in less time and general competitiveness (Gilles and Mondejar, 2008). Entrepreneurship has been described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit” (www.businessdictionary.com).